Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Managing for Today and Tomorrow Introduction Part One Transition Planning

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Course Objective Create and implement an overall strategy to move the farm or ranch business from one generation to the next. – By developing the knowledge and skills necessary to begin a conversation leading to the development and implementation of a farm/ranch transition plan.

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Learning Objectives Understand the concepts of succession, business, estate and retirement planning. How concepts are combined to create a transition plan Access on-line information and planning tools Understand the process of setting personal and business goals. Use communication to define and implement transition goals.

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Your Name Who Will You Share With Favorite Flower Teach Your Classmates Favorite Farm Chore Your Town

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women What is Transition Planning? Transition Planning is the process of creating and implementing an overall strategy to move the farm or ranch business from one generation to the next. Many farms and ranches will continue to be productive agricultural businesses beyond the life of the current owners. A gradual and carefully planned shift to new owners is recommended; whether to family heirs or non- related persons. Farm families make important transition decisions through succession, business, estate, and retirement planning.

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Transition Planning is… Managing for Today and Tomorrow Succession Planning Business Planning Estate Planning Retirement Planning

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women A Question on the Mind of Many Farm Families… Do I want to pass my family business on to my heirs as an ongoing business or do I want to pass it on as a group of assets?

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Eight Questions to Ask about Your Future… 1.What do we want to happen to our business? 2.Is there a “future” for the business? 3.How do we develop the next generation of managers? 4.How can each generation communicate their needs, desires and aspirations?

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Eight Questions to Ask about Your Future… 5. Are plans being made for retirement? 6. What are our plans for the unexpected? 7. How can I treat my heirs fairly? 8. What is the best way to transfer my farm and personal assets?

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Determining Business Direction

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Transition Planning

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Why don’t farm families plan better for the transition of their business to the next generation? I’m too busy now! Nobody can replace me! I’ll live forever! Who’s job is it?

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Managing for Today and Tomorrow Will… Increase your knowledge of the planning processes. Offer tips for improved family communication. Give you the tools and resources you need. Connect you with a local network of farm women and professional service providers.

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Transition Plan Road Map Accomplishment Beginning EstablishmentCommitmentTesting End Transfer Stages Transfer Process Child Parent Divide Income Transfer Management Transfer Ownership